Fund Evaluator:
Invesco Multi-Asset Income R (PIRFX)
Follow This Fund
Best Performing in Moderately Conservative Allocation Over the Last Year
| 14.4% | Hennessy Balanced Investor (HBFBX) |
| 14.4% | Fidelity Strategic Real Return (FSRRX) |
| 14.3% | Fidelity Advisor Strategic Real Ret Z (FIQDX) |
| 12.8% | Fairholme Focused Income (FOCIX) |
| 12.4% | Victory Growth and Tax Strategy (USBLX) |
Fund Details
Invesco Multi-Asset Income R Overview
Invesco Multi-Asset Income R (PIRFX) is an actively managed Allocation Moderately Conservative Allocation fund. Invesco launched the fund in 2011.
The investment seeks current income. The fund actively allocates assets across multiple income producing asset classes and strategies. The Adviser's Global Asset Allocation (GAA) Team employs risk balancing strategies intended to manage interest rate, equity and credit risk to seek to create a balanced risk profile for the fund. The GAA Team implements the fund's investment strategy and tactically adjusts the fund's portfolio through direct investments, including derivative and hybrid derivative-type instruments, as well as through affiliated and unaffiliated open-end investment companies, including ETFs, and closed-end investment companies.
About Invesco Multi-Asset Income R (PIRFX)
There are 4 members of the management team with an average tenure of 8.96 years: Chris Devine (2011), Jan Grindrod (2026), John Burrello (2020), Scott Hixon (2011). Management tenure is more important for actively managed funds than passive index funds.
The fund has 3 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100%, Bloomberg US Agg Bond TR USD index with a weighting of 60% and MSCI World NR USD index with a weighting of 40%. Invesco Multi-Asset Income R has 400 securities in its portfolio. The top 10 holdings constitute 85.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Invesco Multi-Asset Income R is part of the Allocation global asset class and is within the Allocation fund group. Invesco Multi-Asset Income R has 21.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 28.5%. There is 12.1% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 56.8% (47.9% domestic bond, 9.0% foreign bond and 0.1% convertible bond). Invesco Multi-Asset Income R has 2.4% of the portfolio in cash.
Assets Under Management
The fund has $23 million in total assets, which is below the $561 million average for the Moderately Conservative Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PIRFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco Multi-Asset Income R expense ratio is high compared to funds in the Moderately Conservative Allocation category. Invesco Multi-Asset Income R has an expense ratio of 1.21%, which is 20% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco Multi-Asset Income R has a portfolio turnover rate of 75%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Moderately Conservative Allocation category.
Recently, in the month of July 2026, Invesco Multi-Asset Income R returned -1.1%, which earned it a grade of F, as the Moderately Conservative Allocation category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Invesco Multi-Asset Income R has a trailing yield of 6.02%, which is above the 3.29% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco Multi-Asset Income R Grades
Year to date, the fund has returned 4.0%, 0.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 9.5% over the past year (grade of D), 7.4% over the past three years (grade of F) and 2.3% per year over the past five years (grade of F) and 2.9% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Invesco Multi-Asset Income R, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PIRFX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PIRFX Return (NAV) | -1.1% | 1.8% | 9.5% | 7.4% | 2.3% | 2.9% |
| PIRFX Grade | F | B | D | F | F | F |
| +/- Category | -0.7% | 0.6% | -0.9% | -1.9% | -2.3% | -3.0% |
| Moderately Conservative Allocation Avg | -0.3% | 1.2% | 10.4% | 9.4% | 4.6% | 6.0% |
| PIRFX Tax Cost Ratio | na | na | 2.4% | 2.4% | 2.5% | 2.3% |
PIRFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PIRFX Return (NAV) | 4.0% | 10.3% | 5.8% | 10.3% | -17.3% | 5.6% | -4.8% | 15.9% | -5.5% | 10.4% | 12.1% |
| PIRFX Grade | D | D | F | C | F | F | F | C | F | C | A |
| +/- Category | -0.7% | -1.2% | -2.5% | 0.3% | -5.5% | -4.3% | -12.9% | 0.2% | -1.2% | 0.6% | 3.6% |
| Moderately Conservative Allocation Avg | 4.8% | 11.5% | 8.3% | 10.0% | -11.8% | 10.0% | 8.1% | 15.6% | -4.3% | 9.8% | 8.5% |
| Risk Measures | |
| Standard Deviation: | 6.7% |
| Total Risk Index: | 0.55 - Below Average |
| Category Risk Index: | 0.92 - Below Average |
| Category Risk Grade: | B (25% Rank) |
| Beta: | 0.71 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 6.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $871 Mil |
| Fund Total Assets: | $ 24 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 75% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 14.6 years | |||
| Average Tenure: 9.0 years | |||
| Managers (Year): Devine Chris (2011), Hixon Scott (2011), Burrello John (2020), Grindrod Jan (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 400 |
| % in Top 10 Holdings: | 85.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.1% |
Portfolio Allocation |
|
| Domestic Stock: | 28.5% |
| Foreign Stock: | 12.1% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 47.9% |
| Foreign Bond: | 9.0% |
| Convertible Bond: | 0.1% |
| Other: | -0.0% |
| Cash: | 2.4% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com |
| Status: | Open |
| Inception Date: | December 14, 2011 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 1.21% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.01% |
| Share Class: | Invesco Multi-Asset Income Y |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
